Michael Jordan, a legend of the NBA, is a global icon and one of the wealthiest sports figures in the world. The fans are well aware of Jordan’s billionaire status thanks to the enormous money he has accumulated over the years.
Since the Charlotte Hornets’ move to total ownership in 2010, MJ has held the majority of the stock. In 2010, Jordan acquired a $275 million stake in the company from Robert Johnson, the former main owner. But what are the Hornets currently worth?
According to league insiders, Michael Jordan has agreed to sell his controlling interest in the Charlotte Hornets to a group managed by Gabe Plotkin and Rick Schnall for about $3 billion. Jordan’s 13-year reign as primary owner comes to an end with the purchase.
Once the NBA has finished its review and approval process, Schnall, a minority owner of the Atlanta Hawks, and Plotkin, a minority owner of the Charlotte Hornets, will take over as the franchise’s governors. Up to the NBA draft on Thursday and the beginning of free agency on July 1, Jordan will continue to direct basketball operations.
Jordan will continue to have a small ownership position in the team after the deal is complete.
According to sources, in 2020, Jordan sold a sizable minority ownership to Plotkin, the founder and chief investment officer of Melvin Capital, and Daniel Sundheim, the founder and chief investment officer of D1 Capital, who are both involved in the purchase of the Hornets.
Schnall, a co-president at the New York-based private equity company Clayton, Dubilier & Rice, bought the Hawks in 2015 for $850 million along with Grant Hill and majority owner Tony Ressler.